Is finance a stable career?
Finance degree
Business analysts gather and analyze company data to identify needs and recommend solutions. They work across their clients' teams to eliminate redundancies and improve efficiency.
The finance industry is rapidly evolving. With the growing technological advancements, the future of this industry can promise you a plethora of professional opportunities. Take a look at these five trends in financial services to understand how they can significantly impact the finance industry.
According to the U.S. Bureau of Labor Statics (BLS), careers in finance pay a median salary of $76,850 — 66% higher than the median salary for all occupations in the nation ($46,310).
It's a bit counterintuitive to enter finance and then optimize for work / life balance, but there are some very comfortable finance jobs out there. It is entirely possible to earn >$300k and work <50 hours by your early 30s if you pick your spots right.
It's extremely difficult to break in, but once you're in, the compensation and exit opportunities make the initial effort worth it. And yes, it's difficult to advance, but the rapid growth in compensation as you move up more than offsets that difficulty.
Overall, finance students rate their satisfaction with their degree a 3.1 out of 5. This is low compared to other degrees which average a rating of 3.28 across all degrees.
Finance is a high-stakes industry—individuals and corporations won't trust their financial future to just anyone. That's why getting a finance degree is extremely valuable. Here are five real benefits of getting your finance degree: Master skills that prepare you for real-world job responsibilities.
- Chief Financial Officer (CFO) ...
- NON-QM Mortgage Loan Officer (Leads Based) Entry Level. ...
- Bookkeeper | Administrative Assistant/Accounting Assistant. ...
- Certified Public Accountant. ...
- Director of Finance. ...
- Strengthen your profile. ...
- Finance ERP Transformation Director.
Some of the main math-related skills that the financial industry requires are: mental arithmetic (“fast math”), algebra, trigonometry, and statistics and probability. A basic understanding of these skills should be good enough and can qualify you for most finance jobs.
- Chief financial officer (CFO)
- Investment banking.
- Hedge fund manager.
- Private equity associate.
- Actuary.
Can you be a millionaire working in finance?
There is a reason people in finance who work in private equity or a hedge fund make millions. These industries make money by investing in companies, and after a certain level you get an equity stake in the profits of the firm through carried interest.
Long hours
Approximately one in three of all employees work in excess of 40 hours per week and a large number work considerably more than that. The work itself can be fairly high pressured and stress-inducing due to the fast pace and the demanding nature of clients and colleagues.
Goldman Sachs is widely known as the most prestigious investment bank on Wall Street. The bank's interns receive phenomenal training, hands-on experience, and the opportunity to rotate across many groups and desks.
However, this is just a simple misperception that many students have in the finance study. It is true that knowing math is essential because finance actually is about studying the flow of money. However, that doesn't mean you need a high level of mathematics skills like Calculus.
One thing that's for sure is the high amount of math you will need to study. Finance is a mathematical discipline, so if you aren't as comfortable with math as with other ways of thinking, you may find it more challenging. Additionally, finance also makes use of a vast, highly specific vocabulary.
Applying for entry-level finance jobs can be overwhelmingly competitive just because of the number of people graduating with finance degrees yearly, and if you're able to, getting a bachelor's degree will help you stand out against the competition.
If you are interested in solving problems in creative ways or helping companies to plan how to grow their revenue or maintain profitability, a finance major is right for you. A Bachelor of Science in Finance will help you develop multiple skillsets with a great outlook for success after your graduation.
📈 According to a study by the Myers-Briggs Company, introverts make up 56.8% of financial professionals, while extroverts make up 43.2%. This means that there are plenty of introverted financial professionals out there who have achieved success in their field.
People who choose to major in finance are interested in numbers, financial markets, and finding ways to make money. They tend to be natural problem-solvers who like setting goals and researching ways to reach them.
Starting salaries for those with a bachelor's degree in finance are slightly higher than for those with a bachelor's degree in accounting. However, the difference is slight, and the gap quickly closes as the careers progress.
Is finance or accounting better?
The field of finance offers more career choices but also less predictability. In some cases, careers in finance might offer higher pay. Careers in accounting can offer more predictable and stable work but less pay in many cases.
| 1. | Electrical engineering | $121,600 |
|---|---|---|
| 2. | Computer science | $108,500 |
| 3. | Mechanical engineering | $106,200 |
| 4. | Economics | $101,400 |
| 5. | Engineering | $100,600 |
| State | Over 200k |
|---|---|
| New Jersey | 14.8% |
| Massachusetts | 14.3% |
| Maryland | 13.4% |
| California | 13.3% |
What is the average salary that a finance major can expect? People who have a bachelor's degree in finance take in $124,000 a year on average, according to data collected by Comparably.
How much is your salary? $200,000 yearly is how much per month? If you make $200,000 per year, your Monthly salary would be $16,667.
